Cointime

Cointime

Download App
iOS & Android
Home / Policy

EU banking regulator releases draft requirements for stablecoins referencing multiple currencies under MiCA regulation

On Wednesday, the European Union's banking regulator, the EBA, published the final draft requirements for stablecoins referencing multiple currencies under the MiCA regulation. The MiCA regulation focuses on requirements for stablecoin issuers and will come into force this summer, while the entire regulation will take effect in December. The published RTS lays out the requirements, templates, and procedures for complaints received by issuers of asset reference tokens (ARTs), which can reference several currencies unlike stablecoins that are pegged to the value of one currency. The EBA and ESMA are consulting on several other Regulatory Technical Standards (RTS).

stablecoins
Comments

All Comments

Recommended for you

  • Hong Kong Monetary Authority launches industry consultation on “renaming virtual banks as licensed digital banks”

    Hong Kong virtual banks released their annual reports for 2023 last week. The eight virtual banks collectively lost about 2.99 billion yuan last year, a decrease of about 12% compared to the total loss of about 3.4 billion yuan in 2022. In response to the occasional feeling of "unreality" brought about by the term "virtual" in recent years, the Hong Kong Monetary Authority has initiated a consultation on renaming with the eight virtual banks, the Hong Kong Bankers Association, the Hong Kong Restricted Licensed Banks and Deposit-taking Companies Association, with the aim of renaming virtual banks as licensed digital banks, for a period of one month. It is reported that in the Asian region, similar banks have different names in different places. South Korea and Singapore issue licenses under the name of "digital bank", with Singapore further dividing them into digital full banks (DFB) and digital wholesale banks (DWB).

  • South Korea's Seoul Prosecutors' Office recovers and seizes 7.6 billion won worth of Ethereum

    The cybercrime investigation team of the Seoul Eastern District Prosecutor's Office in South Korea announced that they have recovered a deleted electronic wallet from a fraud suspect and seized 760 million Korean won (approximately $5.6 million) worth of Ethereum.

  • Hong Kong Monetary Authority: Crypto assets (especially stablecoins) are one of the key work priorities in 2024

    Hong Kong Monetary Authority (HKMA) official website released the "2023 Annual Report", which includes the financial statements of foreign exchange funds and its "2023 Sustainable Development Report". The 2024 work focus and outlook section of the annual report includes encrypted assets (especially stablecoins), and the HKMA pointed out that public consultations on regulating stablecoin issuers will be conducted from December 2023 to February 2024. The HKMA will work with the government to promote relevant legislative work and will continue to communicate with different stakeholders in formulating and implementing relevant regulatory regimes, as well as paying attention to market developments and relevant international discussions. At the same time, the HKMA will implement a stablecoin "sandbox" arrangement to promote exchanges of views with the industry on proposed regulatory regimes and requirements, and to enhance the stability, cryptographic assets, and financial innovation of non-bank financial intermediaries. The HKMA will focus on virtual asset-related products and will refer to the latest market developments and revisions to international standards in the relevant processes. To promote sustainable and responsible development of the virtual asset industry, the HKMA will continue to work with the government and other regulatory agencies to ensure the establishment of a robust, comprehensive, and balanced regulatory framework for the virtual asset industry.

  • Thai regulator to crack down on deceptive cryptocurrency ads

    Cryptocurrency advertisements that contain false, exaggerated, distorted, concealed, or misleading information violate Thai regulations. Regulatory agencies in major cryptocurrency markets have also taken similar measures to minimize investment losses in cryptocurrencies. For example, the UK Financial Conduct Authority (FCA) issued 450 illegal cryptocurrency advertising alerts in 2023 alone. In addition, in November 2023, the Spanish National Securities Market Commission, the main securities market regulatory agency, condemned fraudulent cryptocurrency asset promotion activities on X and reiterated the company's obligation to comply with local laws. The Thai Securities and Exchange Commission reminded cryptocurrency exchanges to include appropriate warnings about investment risks and to avoid attracting new users through special promotions. He warned that violating the above guidelines would result in "legal punishment".

  • Russia to impose cryptocurrency restrictions, exempting miners and central bank projects

    Russia will implement cryptocurrency restrictions, exempting miners and central bank projects. Starting from September 1st, Russia will impose strict restrictions on the circulation of cryptocurrencies such as Bitcoin, only allowing the issuance of digital financial assets within its jurisdiction. Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma, led this initiative. This is part of a wider government effort to control the cryptocurrency ecosystem in the face of escalating geopolitical tensions. Aksakov stated that the upcoming legislation aims to restrict non-Russian cryptocurrency transactions to strengthen the dominance of the ruble. Meanwhile, recent reports indicate that Russian entities have used cryptocurrencies, particularly Tether's USDT, to purchase key components for military technology.

  • EU member states prepare to enforce landmark crypto law, MiCA

    The European Union is set to enforce MiCA, a crypto law that mandates national regulators to license and supervise service providers. While the regulation is EU-wide, countries can implement slightly different technical standards that crypto firms must adhere to. MiCA's specialized rules for stablecoin issuers will take effect in a few months, followed by licensing and other requirements for crypto firms broadly in December. Each jurisdiction must transpose the EU regulation into local law, select which of their regulators will oversee crypto, and prepare to authorize token issuers and other service providers. Regulators are facing challenges in implementing the new legislation, particularly in terms of licensing requirements, and each country's crypto industry has its own concerns about implementation and proposed laws.

  • South Korea to formally establish an investigation unit focused on digital asset crimes

    The South Korean Ministry of Justice and the Ministry of Interior and Safety will begin discussions in early May to elevate the Joint Investigation Team for Virtual Asset Crimes to an official department. The purpose of this promotion is to solidify the department's position, as it currently operates as a temporary organization under the Seoul Southern District Prosecutor's Office and may be dissolved. The change is expected to improve efficiency through the appointment of new prosecutors and budget allocation, according to Sae-ki. The department is composed of about 30 experts from seven financial and tax regulatory agencies and was established in July 2023 as South Korea's first investigative agency focused on digital asset crimes.

  • Hong Kong virtual asset spot ETF debuts today

    Today, six virtual asset spot ETFs were launched online in Hong Kong. The six virtual asset spot ETFs issued this time are from Huaxia (Hong Kong), Boshi International, and Jiashi International. The three institutions have certain differences in product fees, trading, issuance, and virtual asset platforms.

  • Australian Stock Exchange Expects to Approve Spot Bitcoin ETF by the End of 2024

    According to a source who wishes to remain anonymous, Australia will follow in the footsteps of the United States and Hong Kong by launching a Bitcoin ETF. ASX Ltd., which handles about 80% of the country's stock trading, is expected to approve the first batch of spot Bitcoin ETFs on the main board by the end of 2024. A spokesperson for BetaShares, headquartered in Sydney, said in an interview that they are working to launch a product on the Australian Securities Exchange. Another local company, DigitalX Ltd., stated in its half-year results in February that it has applied. Justin Arzadon, the head of BetaShares' digital assets, said that the inflow of funds from the United States proves that digital assets will continue to exist. Arzadon added that the company has reserved ASX stock codes for spot Bitcoin and spot Ethereum ETFs.

  • Hong Kong Securities Regulatory Commission: China Ecological Tourism Group's acquisition of a blockchain company was improper and disciplinary action has been taken

    The Securities and Futures Commission (SFC) of Hong Kong has announced that it has taken disciplinary action against China Ecotourism Group Limited (China Ecotourism) and its seven current and former directors in collaboration with the Hong Kong Stock Exchange (HKEX). The investigation mainly focused on improper conduct, including granting 13 loans totaling HKD363 million and RMB91 million to nine borrowers, and acquiring a 37.5% stake in a blockchain technology company for HKD35 million.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company